Azerbaijan increases non-oil exports by 22%

ECONOMICS  06 June 2023 - 11:55

Azerbaijan exported non-oil products to the amount of 1 billion 465.85 million dollars in January-May of 2023.

According to the Agency for Export and Investment Promotion (AZPROMO), the figure is by 22.1 per cent more than it was during the same period last year, Report informs.

The value of non-oil exports in May alone amounted to $278.25 million, an increase of 25.8 per cent over last year.

Azerbaijan's non-oil exports in 2022 increased by 12.3 per cent compared to 2021 and totalled $3 billion 047.67 million.

Agriculture, tourism, information and communication technologies, processing industry are considered to be basic priority areas in the development of the non-oil sector in Azerbaijan. The international finance institutes especially note the importance of agriculture and tourism among these sectors.

Non-oil products produced in Azerbaijan at present, including electric machines and equipment, spare parts, products of the chemical industry, construction materials, ready weaving items etc are exported to different regions. 

Billions of dollars were spent on supporting small and medium entrepreneurship, granting privileged state loans to those engaged in this field, allotment of subsidies to agriculture, reconstruction of transport-communication infrastructure throughout the country and approved programs to create the ground for diversification of the economy and development of the non-oil sector.

Caliber.Az